BitMine Immersion Technologies (BMNR) has reportedly acquired 23,823 Ethereum (ETH), valued at approximately $103.68 million, further cementing its position as the largest corporate holder of Ethereum.
The acquisition was tracked through Arkham data, as reported by Lookonchain, which identified the transfer from a BitGo wallet linked to BitMine. While the company has not officially confirmed the purchase.
BitMine’s Ethereum strategy
Currently, BitMine has approximately 2.83 million ETH worth $12.4 billion, according to CoinGecko data, which is the biggest ETH treasury and the second-largest crypto treasury, after Michael Saylor led Strategy’s Bitcoin treasury. Fundstrat Co-Founder and BitMine Chairman Tom Lee has publicly said that he aims to own 5% of the total supply of Ethereum through BitMine.Â
The company has also highlighted how it is dedicated to the Ethereum contribution to financial market services and decentralized applications.
The acquisition comes amid market fluctuations. At the time of writing, BMNR stock closed down 1.5% at $59.10, while Ethereum’s price dipped 2% over 24 hours and was trading at $4,353, according to CoinMarketCap data.
BitMine’s continued buying of ETH is an indication of an increasing institutional interest in Ethereum. However, market volatility, regulatory changes, and broader crypto trends can impact both ETH and corporate treasuries. Traders and investors should do their own research before making any investments.
Also Read: Kerrisdale Shorts BitMine Stock, Says Its Crypto Strategy is Outdated
